The trading platform Grinex has commenced operations in the Russian and CIS markets. The new platform has absorbed part of the client base from the blocked exchange Garantex, assuming obligations to users with transparent histories.
According to a press release, Grinex‘s operations are licensed in the Kyrgyz Republic. The platform also supports the circulation of the ruble-pegged stablecoin A7A5 and offers trading pairs A7A5/USDT and A7A5/RUB.
“As part of our extensive growth strategy, we have signed an agreement with Garantex management. It aims to expand our user base by acquiring ‘non-toxic’ Garantex clients. In turn, we intend to fulfill the obligations that Garantex could not meet due to sanctions,” platform representatives stated.
They noted that an analysis of clients and re-verification is currently underway. Services will be denied to users with a ‘toxic history’ of funds origin and those unable to pass KYC. The assets of most compliant clients have already been converted into the A7A5 token and are being traded on Grinex.
Additionally, the platform will offer some Garantex employees the opportunity to join its team after security checks.
In March, it was reported that Garantex user funds were being transferred to Grinex. One Grinex manager noted that clients personally visit the platform’s office.